KLCI, Asia markets slide on US-China tensions

KUALA LUMPUR:  Bursa Malaysia and key Asian markets slumped in early Tuesday trade on rising worries that the US-China trade tensions could get worse.

At 9.14am, the KLCI was down 7.4 points or 0.44% to 1,690.1. Turnover was 277.15 million shares valued at RM113.51mil. There were 87 gainers, 186 losers and 189 counters unchanged.

Asian shares faltered and the dollar hovered near two-week lows as prospects for a Sino-U.S. trade deal was dealt a blow after the US charged Chinese telecom firm Huawei with bank fraud and for conspiring to steal trade secrets.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.5% with Australia's benchmark index down 0.7% and South Korea's KOSPI off 0.6%.

Japan's Nikkei slid over 1%. US stock futures also lost ground following from a torrid overnight session on Wall Street, with E-Minis for the S&P 500 down 0.5%.

Weak oil prices weighed on Petronas-linked stocks. Heavyweight Petronas Chemical fell 17 sen to RM8.45 while Petronas Gas lost 12 sen to RM17.62. 

Among the other KLCI stocks, Nestle lost 70 sen to RM148.30, MISC 19 sen to RM6.51, Press Metal nine sen to RM4.13, MAHB eight sen to RM7.98 while Maybank gave up six sen to RM9.60 and IOI Corp five sen to RM4.60.

Sapura Energy’s warrants, which were listed on Tuesday, surged 14.5 sen to 15 sen with 13.4 million units done. Its shares shed 0.5 sen to 28 sen.

Bumi Armada eased 0.5 sen to 21 sen in active trade also.